Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve revenue of 49.6-50.4 billion yuan in 2024, representing a year-on-year growth of 46.3%-48.7%, and a net profit of 8.6-9.4 billion yuan, recovering from a net loss of 0.65 billion yuan in 2023, exceeding expectations [8] - The growth in revenue is driven by the successful launch of self-developed games and a rebound in TapTap's monthly active users (MAU), along with improved advertising conversion efficiency [8] - The company anticipates a significant increase in net profit in the second half of 2024, with estimates ranging from 6.09 to 6.89 billion yuan, reflecting a quarter-on-quarter growth of 143%-175% [8] - The report highlights the potential of the TapTap platform, which is expected to continue generating revenue growth through enhanced advertising capabilities and user engagement [8] Financial Summary - Total revenue for 2022 was 3.43 billion yuan, with a forecast of 5.00 billion yuan for 2024, indicating a growth rate of 47.65% [1] - The company reported a net profit of -0.55 billion yuan in 2022, with projections of 0.84 billion yuan for 2024, marking a significant turnaround [1] - The earnings per share (EPS) is expected to rise from -1.13 yuan in 2022 to 1.71 yuan in 2024 [1] - The price-to-earnings (P/E) ratio is projected to be 20.42 for 2024, decreasing to 15.99 by 2026 [1] Game Operations - The report expresses confidence in the ongoing success of self-developed games, particularly "出发吧麦芬" and "铃兰之剑," which are expected to contribute positively to revenue [8] - The company has a pipeline of new games that are anticipated to enhance performance, including "伊瑟重启日" and "仙境传说 RO：守护永恒的爱 2" [8] TapTap Platform - TapTap's advertising exposure is projected to increase by 43% year-on-year, capturing 10% of the gaming industry's advertising market [8] - The platform's value is expected to be further realized through continuous product adjustments and enhancements in user engagement [8]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 49.10 [8][9]. Core Insights - The company is expected to achieve revenue of approximately RMB 4.96 billion to RMB 5.04 billion in 2024, representing a year-on-year increase of about 46.3% to 48.7%, which aligns with previous expectations [1][13]. - The net profit is projected to be around RMB 860 million to RMB 940 million, significantly exceeding prior expectations of RMB 610 million, marking a turnaround from losses in 2023 [1][13]. - Key drivers for the performance include strong overseas sales of self-developed games, operational leverage from TapTap's revenue growth, and effective cost management [1][13]. Summary by Sections Game Performance - The game "Heart Town" focuses on high user engagement and monetization strategies, maintaining a stable ranking around the 10th position in early 2025 [2]. - "Start Muffin" has shown impressive performance in overseas markets, with an estimated global monthly revenue of approximately RMB 70.4 million in January 2025 [2]. TapTap Platform Growth - TapTap's monthly active users (MAU) reached 43.24 million in the first half of 2024, with expectations to exceed 60 million by 2025, driven by exclusive game releases and improved user retention [3]. - The platform is expected to benefit from potential changes in Apple's policies regarding app downloads through third-party stores, which could significantly increase traffic [3]. AI Integration and Advertising - TapTap is leveraging AI for advertising, utilizing user behavior data to enhance ad targeting and reduce design time for developers [4]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been revised upwards, with net profit estimates of RMB 900 million, RMB 1.02 billion, and RMB 1.21 billion, reflecting increases of 49.0%, 39.4%, and 44.7% respectively [5][14]. - The valuation for TapTap's business is set at a price-to-sales (PS) ratio of 6x, while the gaming business is valued at a price-to-earnings (PE) ratio of 18x, leading to a target price of HKD 49.10 [5][15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenues between 4.96 billion and 5.04 billion HKD, representing a year-on-year increase of 46.3% to 48.7%. The net profit is forecasted to be between 860 million and 940 million HKD, a turnaround from a loss of 65 million HKD in 2023. This growth is attributed to the strong performance of self-developed games and the continued growth of the TapTap platform [4][5][6] Financial Summary and Valuation Metrics - Revenue for 2024 is projected at 5,026 million HKD, with a year-on-year growth of 48.3%. The net profit is expected to be 872 million HKD, marking a significant recovery from previous losses [7] - The gross margin is anticipated to improve to 67.7% in 2024, with net margin turning positive at 17.4% [7] - Earnings per share (EPS) for 2024 is estimated at 1.8 HKD, with a price-to-earnings (P/E) ratio of 16.6 times [7] - The company’s projected net profits for 2024-2026 are 872 million, 1.286 billion, and 1.592 billion HKD respectively, with corresponding EPS of 1.8, 2.6, and 3.2 HKD [4][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenues between 4.96 billion and 5.04 billion HKD, representing a year-on-year increase of 46.3% to 48.7%. The net profit is anticipated to be between 860 million and 940 million HKD, a turnaround from a loss of 65 million HKD in 2023. This growth is driven by the strong performance of self-developed games and the continued success of the TapTap platform [4][5][6]. Financial Summary and Valuation Metrics - Revenue for 2024 is projected at 5,026 million HKD, with a year-on-year growth of 48.3%. The net profit is expected to be 872 million HKD, marking a significant recovery from previous losses [7]. - The gross margin is forecasted to improve to 67.7% in 2024, with net margin reaching 17.4% [7]. - Earnings per share (EPS) for 2024 is estimated at 1.8 HKD, with a price-to-earnings (P/E) ratio of 16.6 times [7]. - The company’s net profit forecasts for 2024-2026 are adjusted to 872 million, 1.286 billion, and 1.592 billion HKD respectively, with corresponding EPS of 1.8, 2.6, and 3.2 HKD [4][7].

（於開曼群島註冊成立的有限公司） （股份代號：2400） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 XD Inc. 心动有限公司 – 1 – 截至本公告日期，本公司仍在落實本集團於2024財政年度的綜合業績。本公告 所載資料僅基於董事會經參考董事會目前可得資料及本集團2024財政年度的 未經審核管理賬目後所作出的初步評估，該等資料未經本公司獨立核數師及╱ 或本公司審核委員會審核或審閱，並可予調整。股東及潛在投資者務請細閱預 期將於2025年3月底之前刊發的本公司2024財政年度的業績公告。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 承董事會命 心动有限公司 正面盈利預告 本公告由心动有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香港 聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)條及香港法例第571 章證券及期貨條例第XIVA部項下之內幕消息條文（定義見上市規則）而作出。 本公司董事會（「董事會」）謹此知 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 心动有限公司 呈交日期： 2025年1月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02400 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 心动有限公司 呈交日期： 2025年1月23日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02400 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) FF305 第 2 頁 共 6 頁 v 1.3.0 FF305 確認 表格類別： 股票 狀態： 新提交 公司名稱： 心动有限公司 呈交日期： 2025年1月20日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02400 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to see significant revenue growth driven by the launch of new content and seasonal events in its self-developed life simulation game "Heart Town" [5] - The company maintains its profit forecasts for 2024-2026, projecting net profits of 783 million, 1.137 billion, and 1.246 billion yuan respectively, with corresponding EPS of 1.6, 2.3, and 2.5 yuan [5] - The current stock price corresponds to P/E ratios of 13.5, 9.3, and 8.5 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation [5] Financial Summary and Valuation Metrics - Revenue for 2022 was 3.431 billion yuan, with a projected increase to 6.005 billion yuan in 2024, representing a year-over-year growth of 77.2% [8] - The company reported a net loss of 554 million yuan in 2022, but is expected to achieve a net profit of 783 million yuan in 2024, marking a significant turnaround [8] - Gross margin is projected to improve from 53.5% in 2022 to 65.2% by 2026, indicating enhanced profitability [8] - The return on equity (ROE) is expected to be 31.4% in 2024, reflecting strong operational efficiency [8]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 於上述所授出之購股權中，122,500份購股權乃授予本公司董事、最高行政人員 及╱或主要股東，有關詳情如下： 獲授予之購 XD Inc. 心动有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2400） 授出購股權 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第17.06A條 而作出。 心动有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」） 宣佈，於2025年1月13日，本公司根據於2021年6月25日採納之購股權計劃（「購 股權計劃」）向若干合資格參與者（「承授人」）授出合共258,716份購股權（「購股 權」），以認購本公司每股面值0.0001美元之普通股（「股份」）。所授出購股權的 詳情如下： | 授出日期（「授出日期」）： | 2025年1月13日 | | --- | --- | | 授出購股權數目： | 258,716份（每份購股權之持有人有 | | ...